Shares of Gannett Co. and New York Times Co. hit 52-week highs today after a Wells Fargo & Co. analyst said advertising sales were improving and upgraded both publishers’ shares.
Gannett, the McLean, Va.-based parent of the Democrat and Chronicle, USA Today and more than 80 other U.S. newspapers, rose as much as $1.09, or 7.6 percent, to $15.50 in New York trading.
The Times Co., based in New York City, gained as much as 96 cents, or 8.7 percent, to $11.99. The company's biggest holdings are The New York Times and The Boston Globe.Wells Fargo analyst John Janedis, who previously had given both companies a rating of “underperform,” upgraded Gannett to “outperform” and Times to “market perform.”
“It appears as though the newspaper ad market is improving more quickly than we previously anticipated, particularly in December,” Janedis said in a note to clients today.
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Gannett, the McLean, Va.-based parent of the Democrat and Chronicle, USA Today and more than 80 other U.S. newspapers, rose as much as $1.09, or 7.6 percent, to $15.50 in New York trading.
The Times Co., based in New York City, gained as much as 96 cents, or 8.7 percent, to $11.99. The company's biggest holdings are The New York Times and The Boston Globe.Wells Fargo analyst John Janedis, who previously had given both companies a rating of “underperform,” upgraded Gannett to “outperform” and Times to “market perform.”
“It appears as though the newspaper ad market is improving more quickly than we previously anticipated, particularly in December,” Janedis said in a note to clients today.
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